Pfizer to Exit ViiV Healthcare as GSK and Shionogi Reshape Ownership

Core Insights - Pfizer Inc. is exiting its HIV-focused joint venture, ViiV Healthcare, with a transaction valued at approximately $1.9 billion [2][3] - Shionogi will increase its stake in ViiV Healthcare from 10% to 21.7% by paying $2.13 billion for newly issued shares, while GSK retains a majority stake of 78.3% [3] - Pfizer will receive $1.88 billion for its 11.7% holding in ViiV Healthcare, and GSK will receive a $250 million special dividend as part of the deal [3] - The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2026 [4] - Pfizer anticipates a challenging period ahead, with expectations of no revenue growth until 2029 due to declining sales of its COVID vaccine and treatment, price cuts, and loss of patent protection on key drugs [4] - Pfizer's CEO indicated preparations for a consumer-driven obesity drug market, which could rival the success of Viagra, despite not expecting rapid growth in the cash-pay obesity market [5][6]